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  • Charlie Munger: Energy Independence Is Dumb [View article]
    Munger's full comments can be found here:
    Jul 25, 2013. 11:31 PM | Likes Like |Link to Comment
  • Double Standard: Financially Inadequate Stock Options at Lions Gate [View article]
    May 2, 2010. 01:50 PM | 1 Like Like |Link to Comment
  • Katharine Graham's Personal History: Politics and Business Landscape of Past Century [View article]
    Thanks Ravi, Great review.
    Jul 16, 2009. 09:29 PM | 1 Like Like |Link to Comment
  • What Does Seth Klarman See in Facet Biotech? [View article]
    Nice post.

    Personally, at present prices, I think PDLI (PDL BioPharma) is the more interesting investment. Klarman also holds this investment.
    Jun 8, 2009. 07:38 AM | 1 Like Like |Link to Comment
  • Why I Bought Wal-Mart and Sold Sears [View article]
    Sorry that should read $1 Trillion in tens years time, not $1 Billion.
    Jun 2, 2009. 08:51 AM | 1 Like Like |Link to Comment
  • Why I Bought Wal-Mart and Sold Sears [View article]
    Wal-Mart is a great company in a tremendous competitive position. However, that doesn't make it a great investment. If the company's returns track its business results over the next ten years you might be in for a disappointment. Assuming a 10% sales growth means that WMT will sell 440 billion next year and over 1 Billion in ten years time. It's possible, of course, but it's difficult to add 40B in sales next year.

    Sears on the other hand offers some interesting scenarios. One is the real estate another the liquidation and yet another the successful transformation of the company. The real estate is often in desirable locations (the last to decline in value and first to go back up); Target, Home Depot, and others would love to buy the best 300-400 stores from Sears. In fact, as Ackman pointed out yesterday, this is one of the reasons he wanted to free up capital for Target.

    The less desirable locations are also sometimes rented at well below market leases. Inventory reductions from store closures or sales turns into cash which can either be reinvested in the business or returned to shareholders.

    While an investment in Sears is not as compelling as it was when the company was trading in the high 20's per share, I believe it will trump WMT over the next 5-10 years.

    Time will tell, thanks for the post.
    Jun 2, 2009. 08:48 AM | 3 Likes Like |Link to Comment
  • Burlington Northern Santa Fe: All Aboard One of the Best Railroads [View article]
    It seems that Seeking Alpha took the charts and graphs out of the post. You can see them here

    Jan 27, 2009. 06:29 AM | 2 Likes Like |Link to Comment
  • Letter to Steak n Shake Board of Directors [View article]
    For those of you that have emailed me privately and asked - no i have not yet received a response from the company.
    Jun 16, 2008. 06:15 PM | Likes Like |Link to Comment